Purchased in 2004, the property is located at 1220 & 1250 Brant Street in Burlington, Ontario. The shopping centre consists of 297,000 square feet, anchored by Sobeys, Indigo, Famous Players, Lazy Boy Furniture and Marshalls. The shopping centre also includes 4 acres of vacant land for further retail development. Burlington has a population of 160,000 residents and has excellent transportation links to Toronto including rail links, Highway 401 and Go Transit. Its economic base is diverse including food processing, packaging, transportation, electronics, auto parts manufacturing and business services.
Terracap was able to structure a deal on a tax effective basis that was attractive to the vendor. The vendor was faced with a low tax cost base and high recapture upon disposition. Terracap structured the purchase through a third party that absorbed the recapture and sold Terracap the assets at the higher tax cost base. This allowed the Company to acquire this significant and much sought a